ADP: U.S. Gained 176K Jobs In June
The private sector gained 176,000 jobs in June, according to the Automatic Data Processing (ADP) National Employment Report.
Meanwhile, May job gains were revised upward from 133,000 to 136,000.
Small and medium-sized companies represented the bulk of the June growth, according to ADP’s data. Companies with 49 or fewer employees added 93,000 jobs in June while companies with 50 to 499 workers added 72,000. Larger companies, with 500 or more employees, added 11,000 jobs.
Of the medium-sized companies’ job gains, 90 percent were generated by service businesses. Goods-producing businesses in that category accounted for only 7,000 new jobs.
The construction industry gained 8,000 jobs in June, reversing declines in May and April. The financial services sector added jobs for the 11th consecutive month, growing by 11,000.
While ADP uses its own payroll data from 430,000 U.S. businesses, other firms also release jobs data. But with different methodologies, the numbers rarely agree.
TrimTabs Investment Research, which measures employment using data on daily income tax deposits to the U.S. Treasury, said this morning that the country added 75,000 jobs in June.
Both ADP and TrimTabs release their own estimates one day before the federal government’s monthly unemployment report, which will be released Friday morning.
TrimTabs estimated the Bureau of Labor Statistics’ jobs report tomorrow will claim job gains of between 90,000 and 125,000.
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